Bringing in the bullion: Germany to repatriate gold from US and France

Russian TV: Germany’s central bank is set to reclaim some of its vast gold reserves held in the US and France. The move follows an audit criticizing Bundesbank for mismanagement, stating the funds had never been “verified physically.”

Bundesbank announced plans to withdraw its entire 374-ton store of gold bullion from the Bank of France in Paris, and 300 tons of the 1,500 tons currently held by the New York Federal Reserve.

The German government refrained from commenting on the reports ahead of its presentation of a new plan for the management of its gold reserves on Wednesday. Germany boasts the world’s second-largest bullion reserves at 270,000 gold bars ($177.5 billion), second only to the US.

Germany’s gold stockpile was relocated abroad during the Cold War amid fears of a possible Soviet invasion. There is no reason now to maintain overseas stockpiles, Bundesbank said – from now on, the bank will only keep small amounts of gold abroad for trading purposes.
About 30 percent of Germany’s gold reserves are currently being held in the country at the facilities of Frankfurt-based Bundesbank.

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